World Floor Covering Association 401 K
- Assets
- $31.1m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 22
- Location
- Dalton, GA
- Founding
- 02/1965
- Data as of
- 12/2022
- EIN
- 95-2321736
Organization Overview
World Floor Covering Association 401 K is located in Dalton, GA. The organization was established in 1965. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, World Floor Covering Association 401 K employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. World Floor Covering Association 401 K is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, World Floor Covering Association 401 K generated $1.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (12.8%) each year. All expenses for the organization totaled $4.7m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE RELATIONS AMONG PROFESSIONALS WITHIN THE FLOOR COVERING INDUSTRY, PROMOTE FLOOR COVERING PRODUCTS, ESTABLISH ETHICAL STANDARDS FOR THE FLOOR COVERING INDUSTRY, CONDUCT TRAINING AND EDUCATIONAL PROGRAMS TO BENEFIT THE ASSOCIATION'S MEMBERS AND THEIR EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC RELATIONS TO RAISE AWARENESS ABOUT THE FLOOR COVERING INDUSTRY THROUGH CONSUMER OUTREACH AND EDUCATION. CONSUMER EDUCATION ON FLOORING (TYPES OF PRODUCTS AVAILABLE, PRACTICAL APPLICATION AND PROPER MAINTENANCE) THROUGH THE WFCA WEBSITE, "PROFESSIONAL FLOORING RETAILER" MAGAZINE, AND CONTACT WITH CONSUMER MEDIA.
OTHER EXPENSES RELATED TO THE GENERAL MISSION OF THE ORGANIZATION
TO PROVIDE FUNDING TOWARDS TRADE EDUCATION FOR THE ADVANCEMENT IN FLOORING. WFCA PROVIDES ACCESS TO EDUCATION THROUGH FUNDING FOR THEIR MEMBERS TO ASSIST THEM IN BECOMING BETTER BUSINESS PEOPLE.
SPONSORSHIP OF ORGANIZATIONS TO PROMOTE THE ADVANCEMENT OF THE FLOOR COVERING INDUSTRY. THROUGH THE AFFILIATE SUPPORT FUNDS PROVIDED, WFCA ASSISTS IN PROVIDING THE MEMBERS OF THE AFFILIATE ORGANIZATIONS EDUCATION AND TRAINING IN THE FIELD OF FLOOR COVERING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deb Degraaf Immediate Past Chair | OfficerTrustee | 2 | $0 |
Dean Howell Chair | OfficerTrustee | 2 | $0 |
Sam O'krent Chair Elect | OfficerTrustee | 2 | $0 |
Adam Nonn Treasurer | OfficerTrustee | 2 | $0 |
Cheryl Acierno Director | Trustee | 2 | $0 |
Janice Clifton Vice Chair | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jones Walker Llp Legal | 12/30/22 | $450,387 |
Colonial Expo Llc Trade Show Booth Design/construction | 12/30/22 | $215,465 |
Tk Fusion Public Relations | 12/30/22 | $186,922 |
Jeffrey W King Legal | 12/30/22 | $146,087 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $434,683 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $212,402 |
| All other contributions, gifts, grants, and similar amounts not included above | $509,776 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,156,861 |
| Total Program Service Revenue | $359,850 |
| Investment income | $975,961 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $8,648 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$581,436 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,835,248 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,436,153 |
| Pension plan accruals and contributions | $63,315 |
| Other employee benefits | $157,649 |
| Payroll taxes | $124,405 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $668,032 |
| Fees for services: Accounting | $51,580 |
| Fees for services: Lobbying | $59,940 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $84,318 |
| Advertising and promotion | $236,153 |
| Office expenses | $21,444 |
| Information technology | $25,976 |
| Royalties | $0 |
| Occupancy | $131,657 |
| Travel | $230,173 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $405,596 |
| Interest | $0 |
| Payments to affiliates | $456,227 |
| Depreciation, depletion, and amortization | $29,371 |
| Insurance | $37,723 |
| All other expenses | $68,300 |
| Total functional expenses | $4,700,400 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $260,662 |
| Savings and temporary cash investments | $863,151 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $194,940 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,165,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $55,380 |
| Net Land, buildings, and equipment | $58,422 |
| Investments—publicly traded securities | $27,267,757 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $58,125 |
| Other assets | $217,317 |
| Total assets | $31,140,754 |
| Accounts payable and accrued expenses | $424,865 |
| Grants payable | $0 |
| Deferred revenue | $40,120 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $141,994 |
| Total liabilities | $606,979 |
| Net assets without donor restrictions | $30,533,775 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $31,140,754 |
Grants Awarded
Over the last fiscal year, World Floor Covering Association 401 K has awarded $43,038 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CHICAGO FLOOR COVERING ASSOCI PURPOSE: PAYMENT FOR SPEAKERS, ETC. | $10,000 |
MIDATLANTIC FLOOR COVERING AS PURPOSE: PAYMENT FOR SPEAKERS, ETC. | $14,000 |
MINNESOTA FLOOR COVERING ASSO PURPOSE: PAYMENT FOR SPEAKERS, ETC. | $5,038 |
FLOORING ASSOCIATION NORTHWES PURPOSE: PAYMENT FOR SPEAKERS, ETC. | $14,000 |